Deceased Employer Plan Participant Sample Clauses

Deceased Employer Plan Participant. Generally, the rules for determining RMDs under an employer plan continue to apply to you under your Beneficiary IRA. An RMD under the employer plan is not eligible for rollover.
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Deceased Employer Plan Participant. Generally, the rules for determining RMDs under an employer plan continue to apply to you under your Beneficiary IRA. Exceptions apply if a plan participant dies before his/her RBD. If you are a designated beneficiary, one such exception allows you to directly roll over the assets in the year of the plan participant’s death and then elect by the end of the following year to utilize either the five-year rule or the single life expectancy method. The other exception applies to you if you elected to be, or by default under the employer plan’s terms are, subject to the five-year rule. In this situation, during the year following death, if you roll over the plan balance, less an RMD based on the life expectancy rule (and take such amount from the plan), you may use the life expectancy rule in subsequent years to satisfy RMDs from the Beneficiary IRA. Note that for a 2019 year of death, this exception for the year following death is applied to 2021. Also, under an employer plan’s five-year rule, you may not directly roll assets to the Beneficiary IRA during the fifth calendar year following the year of the plan participant’s death, nor, if you are a spouse, could you roll over the assets to your own IRA. Note that for purposes of determining the five-year period, the CARES Act does not require the year 2020 to be counted.
Sample 1Sample 2
Deceased Employer Plan Participant. Generally, the rules for determining RMDs under an employer plan continue to apply to you under your Xxxx Beneficiary IRA. If you are a designated beneficiary, you may directly roll over the assets in the year of the plan participant’s death and then elect by the end of the following year to utilize either the five-year rule or the single life expectancy method. Also, if you elected to be, or by default under the employer plan’s terms are, subject to the five-year rule, you may use the life expectancy rule in subsequent years to satisfy RMDs from the Xxxx Beneficiary IRA. This exception applies if, during the year following death, you roll over the plan balance, less an RMD based on the life expectancy rule (and you take such amount from the plan). Note that for a 2019 year of death, this exception for the year following death is applied to 2021. Also, under an employer plan’s five-year rule, you may not directly roll assets to the Xxxx Beneficiary IRA during the fifth calendar year following the year of the plan participant’s death, nor, if you are a spouse, could you roll over the assets to your own IRA. Note that for purposes of determining the five-year period, the CARES Act does not require the year 2020 to be counted.
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Related to Deceased Employer Plan Participant

  • Deceased Employees The employer may approve a cash payment equivalent to the two lots of two weeks' salary to the widow, widower or if no surviving spouse exists, to dependent child(ren) or to the estate, of a deceased employee who had qualified for long service leave but who had neither taken nor forfeited it under these rules. This payment will be in addition to any grant made under the Retirement Gratuity Provisions specified in this Agreement.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Disabled Employees If an employee becomes disabled with the result that he is unable to carry out the regular functions of his position, the Hospital may establish a special classification and salary with the hope of providing an opportunity of continued employment.

  • Casual Employee Casual employee means a part-time employee who is not normally scheduled to work but who may be called in to work to provide coverage as required.

  • Eligible Employee For purposes of the SIMPLE 401(k) Plan provisions, any Employee who is entitled to make Elective Deferrals under the terms of the SIMPLE 401(k) Plan.

  • Regular Part-Time Employee A regular part-time employee is an employee hired to fill a posted part-time position and is regularly pre-scheduled to work.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Casual Employment (a) A casual employee is an employee engaged as such on an hourly basis.

  • Essential Employees Every employee designated as “essential,” shall receive notice of such designation each year, by October 31, in accordance with N.J.A.C. 4A:6-2. Notice of such designations will also be provided to the Union.

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